Just Be Glad You Didn't Default in Spain

Think it's bad for American homeowners who bet wrong on the housing boom? Their worst-case scenario is that they become . . . renters.

In Spain, as The New York Times reports, fine print buried in mortgage contracts reveals that borrowers there lose their homes and still owe the bank every penny, forever.

From the Times, reporting on the problems facing one Manolo Marbán:

For most Americans facing foreclosure, that is the end of it. But for Mr. Marbán and thousands of others here, it is just the beginning of their troubles. When the gavel falls on his case, he will still owe the bank more than $140,000. “I will be working for the bank for the rest of my life,” Mr. Marbán said recently, tears welling in his eyes. “I will never own anything — not even a car.”

Think it's bad for American homeowners who bet wrong on the housing boom? Their worst-case scenario is that they become . . . renters.
In Spain, as The New York Times reports, fine print buried in mortgage contracts reveals that borrowers there lose their homes and still...